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 中国公司海外上市系列：IPO drought? Cleantech companies flood Canadi（ZT） |
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安普若
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头衔: 海归元勋
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加入时间: 2004/02/21
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来自: 中国美国的飞机上
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作者：安普若 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
IPO drought? Cleantech companies flood Canadian markets
June 2, 2009 - by Lisa Sibley, Cleantech Group
Between the two Canadian exchanges, there are more than 114 cleantech companies, with three new listings in 2009, says Ungad Chadda, TSX's new senior vice president.
Venture capitalists are holding tightly onto their investment dollars in the United States because of a lack of exit options, but some cleantech companies are turning to Canada to find capital (see More deals, fewer dollars for cleantech in '09?).
The most recent cleantech company to ring the bell beginning market trading on the Toronto Stock Exchange Venture Exchange was Welland, Ontario-based CRS Electronics (TSXV:LED). The company, which specializes in engineering, designing and manufacturing LED lighting, started trading May 27, as one of three new cleantech listings on the exchange in 2009.
The TMX Group, which owns and operates the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), added 30 new listings to its cleantech portfolio of companies in 2007-08, and three in 2009.
Cleantech IPOs across the globe are at an all-time low, with just three in China and one in Switzerland in the first quarter of 2009 (see Cleantech investment drops but stimulus funds soar in 1Q09). However, TSX’s new Senior Vice President Ungad Chadda said there are more than 11 companies in the application stages for the Canadian exchanges.
“This is a sector that has been a relative bright spot even through the downtown,” he told the Cleantech Group.
Between the two Canadian exchanges, there are more than 114 cleantech businesses of the 3,848 listed companies. Eight of the TSXV companies have graduated to the TSX. These cleantech companies raised $2 billion in equity from 2007-08, and had $15 billion in shares traded in 2008. The average financing transaction on the TSX was $39 million, and $3.8 million on the TSXV. The sectors represented on the exchanges include: renewable power generation; technology and manufacturing; waste and water treatment; transportation; energy efficiency and agriculture.
Chadda took over his new post May 26 overseeing the TSX listings business, previously serving as vice president of business development and strategy for TSX and TSXV. Chadda is a chartered accountant who joined the stock exchange in 1997 and has over 12 years of experience in the listings business.
Chadda shared some of the details and success stories of the cleantech sector on the Canadian exchanges with the Cleantech Group:
Ungad Chadda may be a newbie as senior vice president of the Toronto Stock Exchange, but he's no stranger to the listings business.
What is the TMX Group, and what does it have available for cleantech companies?
TMX Group offers a unique dual platform exchange group that assists small companies in attracting capital, growing and becoming established, listed companies. The TSXV acts as the "farm team" if you will. TSXV mentors and assists companies by readying them for graduation to the TSX.
It is notable that we currently have multiple applications under review for listing, not that that's a guarantee that they will be accepted to list on the exchange. Nevertheless, it is a good sign about the health of the sector and the compelling nature of our value proposition.
What does your role entail, and how do you work with cleantech companies?
I’m responsible for all aspects of the listings business at TSX with particular emphasis on business development strategies aimed at expanding the TSX listings base beyond Canada and into emerging sectors such as cleantech.
Through our business development and listings teams we work with industry groups, investment banking and legal advisers and others to touch the cleantech community so that they are aware of their financing and growth options on either of the TMX equity exchanges.
Why are the exchanges a good place for exits or raising funding right now, and how much are you seeing being raised?
TSXV is not an exit strategy. Rather it provides an alternate pathway to raise growth capital to enable young companies looking to execute on their plans, and grow their business at an aggressive rate. While growth is the biggest benefit of the TSXV route, it can also offer some liquidity for founders and principals in the early stages.
Over the past two years, during difficult market conditions, cleantech companies have raised over $2.5 billion on our market. These customers have seen the value in the cleantech franchise that we have created and have done their homework, and have often been counseled by their financial advisers on the competitive if not superior valuation multiples that are afforded to listed companies on our market.
TSX and TSXV have a unique infrastructure of retail investors and investment banks that by U.S. standards would be boutique investment banks. These two factors combine to create a very vibrant financial ecosystem for small companies in that they provide liquidity and analyst coverage to companies with market capitalizations that are less than $50 million.
How are you seeing new cleantech companies take advantage of the exchanges?
The majority of cleantech companies accessing one of our two exchanges are using the reverse takeover route, which is usually accompanied by a concurrent financing by way of private placement.
Reverse mergers usually allow you to go public in a way where you are not forced to dilute yourself and raise large amounts of capital. They are more controlled because you are negotiating with the board of the shell company.
This kind of financing is being done through a variety of funding sources, but the majority is being done by investment banks that are participating organizations of TMX Group. They tend to be earlier stage companies, often pre-revenue or early-stage revenue companies that are looking to raise between $2 million and $50 million. Not that we don't do business with smaller and larger cleantech customers, but the bulk of our customers fit the previous description.
Recent U.S. deals that have listed include Manassas, Va.-based Catch the Wind (TSX-V: CTW.S), which is a U.S.-based laser wind sensor developer that went public by raising $17 million in October 2008, and Lonestar Capital, a California-based solar installation company that recently changed its name to Acro Energy Technologies (TSX-V:ART).
[Last week, Catch the Wind also completed a private placement of 16.7 million common shares, generating gross proceeds of C$21.8 million ($20.1 million). The net proceeds are to be used to further develop and manufacture products including its Vindicator laser wind sensor (see Cash-strapped cleantech firms seek cure in common stock).]
We have a variety of issuers that are well regarded from the solar space, power grid effieciency companies, as well as a very vibrant transporation sector which includes a Toronto-based electric vehicle company called Zenn Motor (TSX-V:ZNN), which currently has a market capitalization of over $165 million.
[The company's CEO Ian Clifford recently spoke to the Cleantech Group about Zenn's plans to incorporate ultracapacitors into its highway-speed electric vehicles starting in 2010 (see Zenn CEO reveals details of EEStor's progress).]
What makes the exchanges an idea marketplace for small- to mid-cap IPOs, and how many exits have there been recently?
We are not promoting an "exit mentality" for the majority of our cleantech companies unless they are senior in nature or have very large valuations and business metrics. As our rules, policies and financing ecosystem is tailored to small to medium enterprises, we often have clients using our branded reverse merger product called the Capital Pool program as well as traditional IPOs, reverse takeovers and dual listings.
During 2007 and 2008, we added 30 new listings to our cleantech family of companies. Due to market conditions in 2009, we have only three new cleantech listings, however more than 11 companies are in the application stages.
Which cleantech companies have graduated to the senior exchange, TSX, and why were they able to graduate?
There were 42 issuers on the senior market and 72 on the junior as of April 30, 2009. While I do not have graduation statistics on hand, generally, across all sectors, the TSXV graduate program accounts for between 20 percent and 30 percent of the TSX's new listings each year.
What are the reasons you are seeing cleantech companies use the exchanges?
Capital, liquidity, valuation, analyst coverage, a merger and acquisition platform, and credibility.
How does your exchange differ from others cleantech companies may be pursuing?
Leading edge and diverse cleantech companies want to be associated with an ecosystem of knowledgeable and engaged investment banking, legal and analyst coverage in the space. Case in point would be Canadian Hydro Developers (TSX:KHD), which has more than 15 analysts covering its stock.
But there are examples of smaller market cap companies like Carmanah Technologies (TSX:CMH) a solar LED lighting company that has a market cap below $50 million but has eight analysts covering its stock. This is a credit to both Carmanah and Canadian Hydro Developers’ investor relations efforts, but it is difficult to imagine companies of this size enjoying this level of analyst coverage anywhere else in the world.
Do you have any advice for cleantech companies out there looking for funding, on your exchanges or elsewhere?
Do your homework; assess your options; consult your advisers (both financial and legal); speak to us and have a pre-filing exploratory meeting. Within the TMX Group, Rob Peterman is the senior manager of global clean technology and can be reached at [email protected].
How will the two exchanges continue to be options going forward for cleantech companies?
We have well over a century of experience in small- and medium-size companies in resources, technology and now cleantech. We will continue to stay close to our customers' needs and ensure that we provide a leading edge service.
The main message we have been saying in the United States is: We’re experts at this. We’re experts in small- to medium-sized private enterprise companies.
https://www.cleantech.com/news/4530/canada-cleantech-flood
作者：安普若 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 中国公司海外上市系列：IPO drought? Cleantech companies flood Canadi（ZT） -- 安普若 - (10764 Byte) 2009-8-06 周四, 22:34 (2553 reads)
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